Making Tax Digital for VAT (MTD)
What is Making Tax Digital?
Making Tax Digital (MTD) is an HMRC initiative designed to make sure the UK tax system is effective, efficient and easier for taxpayers.
Making Tax Digital for VAT began on the 1st April 2019 for companies, and from 1st October 2019 for Town, Parish and Community Councils. From those dates, VAT registered organisations above the VAT threshold of £85k will have to keep digital records and submit VAT returns using compatible software. VAT registered organisations below the threshold can optionally choose to join Making Tax Digital for VAT to simplify and automate their VAT return submission process.
For further information see the HMRC Website:
- HMRC Making Tax Digital for VAT: legislation overview
- HMRC VAT Notice 700/22: Making Tax Digital for VAT
Note: Town, Parish and Community Councils submitting a Special 126 VAT Claim are not impacted by MTD.
Rialtas Suite Alpha and Omega supports MTD for VAT
HMRC recognises Rialtas Suite Alpha and Omega Accounts Solutions as supporting MTD for VAT. We were the first provider of specialist Accountancy Software for Town, Parish and Community Councils, to have been checked as having software that is "Available now" for MTD VAT submissions by HMRC. (As at 22nd January 2019)
The suppliers who have been checked are listed on the HMRC Website:
Appearing on this page confirms that we have worked with HMRC to:
- Submitted a VAT Return via the Live Making Tax Digitial for VAT Service.
- HMRC have checked that our software correctly Submitted a VAT Return.
Is your software provider ready?
If your provider is not listed on the HMRC MTD for VAT Support page, you should ensure you have alternative plans in place. Please speak to us if you would like to discuss our Accountancy Solutions, have a demonstration or obtain a quotation.
Existing customers: What do you have to do?
Rialtas Suite Alpha and Omega both have new versions available to enable the new functionality when appropriate. Rialtas Suite 1.0.8.22 or higher has the latest MTD functionality. Our first private sector Pilot customer submitted a Live VAT return using MTD in December 2018. Since then numerous Private and Council customers have gone live with MTD.
To see the new functionality please watch our Webinar Recording of the session Rialtas and HMRC jointly held on December 2018. In this session, HMRC explains the implication of MTD, and Rialtas demonstrates the new functionality. To access the Webinar Logon to our Website, and then go to "Customer Area", click on "Rialtas Suite - Alpha" or "Rialtas Suite - Omega", and in the Videos section, you will find the Webinar.
To remain compliant all customers should download software updates when they are available, your software will prompt you when an MTD update is required.